Gold, bitcoin pull back from records as US stock markets slip
On Wall Street, the Dow and the S&P 500 both finished 1.0 percent lower, while the tech-rich Nasdaq composite ended...
Business
Alpha Dhabi Q1 net profit $773m
Revenues stood at AED8.17 billion, a year-on-year increase of 700 percent.
- This was the first set of Q1 results for Alpha Dhabi since its direct listing on ADX in June 2021.
- The company's acquisitions and investments totaled AED5.21 billion.
Business
Toyota posts record net profit
The growth was helped by strong sales and a cheaper yen.
- The Japanese auto giant kept its crown as the world's top-selling carmaker in 2021
- For the current year to March 2023, it said it expects to post an annual net profit of $17.3 billion
Business
Qatar announces first arrests for fake World Cup merchandise
Approved merchandise has gone on sale in stores, but cheap imitations are available in street markets and online. Thousands of...
- FIFA sent out a phone text messages to Qatari numbers to dissuade the illegal use of the tournament emblem
- Approved companies for FIFA World Cup started selling products in stores, but cheap imitations can be found in street markets
Business
Empower provides district cooling services to 17% of the hotels in Dubai
Empower revealed this at the launch of the ‘Arabian Travel Market 2022’, which is being held at the Dubai World...
- Empower revealed this at the launch of the ‘Arabian Travel Market 2022’, which is being held at the Dubai World Trade Centre
- Empower expects its growth in the share of the hospitality sector to go up as a result of dozens of new applications received by the company from developers of new hotels
Business
Final refrain for iPod as Apple stops production
It packed "a mind-blowing 1,000 songs" the company said at the time, and together with Apple's iTunes shop established a...
- It packed "a mind-blowing 1,000 songs" the company said at the time, and together with Apple's iTunes shop established a new distribution model for the music industry
- The trend toward streaming music services, including one by Apple, has made devices designed just for carrying digital tunes around less enticing for consumers
Business
SME development in Gulf region still in early stages
It is essential to know that the governments can't and shouldn't do everything independently to encourage their national talents. A...
- Local talents are in short supply in the region in terms of skills and experience, says Amr Khashoggi, Chairman at Amkest Group
- Due to COVID 19, many employees have got used to working out of home and are not keen on going back to trudging along to the office or factory
Business
ADQ to fund investments worth more than $4 billion in Greece
ADQ will work with the Hellenic Development Bank (HDB), the national development bank of Greece, and Hellenic Development Bank of...
- In 2021, the value of non-oil foreign trade between the UAE and Greece reached nearly AED 2.1 billion.
- The growth of trade, when compared to 2020, was 67 percent, reflecting a significant spike in growth.
Business
Arada awards two deals
Under the $125.23m contracts, a residential district will be built at Masaar.
- Valued at AED228 million, the contract to build 142 villas in the Sendian district of Masaar was won by Kuwait's Al-Kharafi.
- The second contract worth AED232m to build the remaining 288 homes in Sendian was awarded to Intermass, a Sharjah-based contractor.
Business
Mubadala, ENGIE to create digital platform for electric vehicles in Gulf
Mubadala Investment Company and ENGIE signed an agreement to explore the development of a digital platform for charging electric vehicles...
- The two companies will work on a joint solution for the installation and operation of charging infrastructure for Electric vehicles (EVs) in UAE.
- EVs are important in supporting decarbonizing the mobility sector as transport sector is known to be a contributor in global carbon footprint.
Business
Nintendo profits rise as demand booms
The rise is also attributed to the popularity of the Switch.
- The company, which has benefited from a string of popular titles including "Pokemon Legends: Arceus", posted a 2021-22 net profit of 477.7 billion yen.
- Uncertainties linked to the global chip shortage and potential production and transport delays caused by Covid-19 lockdowns could hit future profits.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
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Asian markets swing as US jobs data disappoint
Market Report
UN conference adopts plan to reduce harmful chemicals
PARIS, FRANCE - A new roadmap to reduce the environmental risks from chemicals and waste was adopted at a United Nations...
Geostrategy
ADB capital reforms unlock $100bn to support Asia and the Pacific region
MANILA, PHILIPPINES - The Asian Development Bank (ADB) approved capital management reforms that unlock US$100 billion in new funding capacity...
Economy
The many ways US government shutdown affects people
WASHINGTON, US - The United States is heading toward a government shutdown this weekend with no foreseeable way out of a...
Geostrategy
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Business
Saudi Fund for Development and Seychelles sign US$25m loan agreements
Riyadh, Saudi Arabia-- The Saudi Fund for Development (SFD) has signed two loan agreements with Seychelles to support the social...
- The SFD will contribute $25 million to support the social housing project in the Seychelles and the reconstruction of La Digue School project
- The fund has so far implemented 700 development projects and programs in more than 90 countries with a value surpassing $18.7 billion
Economy
Greece and Saudi Arabia agree to link their power grids
Athens, Greece - Greece and Saudi Arabia announced their agreement to establish a jointly-owned company with the goal of connecting...
- The collaboration between Greece's Independent Power Transmission Operator and Saudi National Grid will result in each party holding a 50 percent stake
- Besides this partnership with Saudi Arabia, Greece is also in the process of constructing an undersea cable to link its grid with Egypt
Business
Huawei to invest $430m in Northern Africa over 5 years
Shanghai, China - Huawei has unveiled an ambitious five-year initiative that will see a total investment of $430 million dedicated...
- $200 million will be allocated to establish the region's first public cloud center, which will offer more than 200 cloud services
- An additional $200 million will be used to support 200 local software partners and empower 1,300 channel partners